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Kennametal, Inc. 2006 Annual Report

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Kennametal, Inc. 2006 Annual Report ENGINEERING YOUR COMPETITIVE EDGE 2006 ANNUAL REPORT FINANCIAL HIGHLIGHTS Year ended June 30 (dollars in thousands except per share data) 2006 2005 2004 OPERATING PERFORMANCE Sales $ 2,329,628 $ 2,202,832 $ 1,866,953 Income from Continuing Operations 272,251 113,919 67,247 Diluted Earnings per Share – Continuing Operations 6.88 2.99 1.85 Operating Cash Flow 19,053 202,327 177,858 FINANCIAL CONDITION Total Assets $ 2,435,272 $ 2,092,337 $ 1,938,663 Total Debt, including Capital Leases and Notes Payable 411,722 437,374 440,207 Total Shareowners’ Equity 1,295,365 972,862 887,152 Total Debt to Total Equity 31.8% 45.0% 49.6% OTHER DATA Capital Expenditures $ 79,593 $ 88,552 $ 56,962 Research and Development 26,138 23,024 21,724 Number of Employees 13,300 14,000 13,700 STOCK INFORMATION Market Price per Share – High $ 67.38 $ 52.71 $ 46.20 Market Price per Share – Low 44.65 40.34 32.85 Dividends per Share 0.76 0.68 0.68 Shares Outstanding 38,607 38,127 36,633 Number of Shareowners 3,158 2,997 3,013 Amounts have been restated to reflect discontinued operations. SALES DILUTED EARNINGS TOTAL DEBT TO Millions of Dollars PER SHARE – TOTAL EQUITY CONTINUING OPERATIONS Percentage Dollars $2,330 $6.88 49.6% $2,203 45.0% $1,867 $2.99 31.8% $1.85 04 05 06 04 05 06 04 05 06 01 2006 ANNUAL REPORT PAGE PAGE VALUE CREATION: THE HEART OF KENNAMETAL’S CULTURE At Kennametal, our primary goal is to create superior value for our customers and shareowners as well as for the markets we Roy Hang MSSG - China serve. We’ve consistently achieved this goal for one simple reason: the commitment of our more than 13,000 employees worldwide. These passionate individuals generate value every day by developing innovative solutions that make Kennametal a premier supplier of tooling, engineered components and advanced materials consumed Eric Gentis by industrial customers around the globe. The intense dedication of AMSG - U.S.A. our employees demonstrates that at Kennametal, value creation is more than just a concept — it’s the cornerstone of our culture and a driving force behind our customers’ success. Shivanand Majagi AMSG - U.S.A. Dekker Maarten Bill Rhee MSSG - Netherlands AMSG - Korea Vittorio Palma MSSG - Italy Latanyua Robinson Praful Shende MSSG - U.S.A. MSSG - India Ursula Springer Bernard North MSSG - Germany MSSG - U.S.A. John Chang Navdeep Sodhi MSSG - Singapore MSSG - U.S.A. KENNAMETAL INC. 2006 ANNUAL REPORT 02 MARKOS I. TAMBAKERAS Executive Chairman of the Board, PAGE PAGE Shareowner CARLOS M. CARDOSO President and Chief Executive Officer, Shareowner TO OUR FELLOW SHAREOWNERS: At Kennametal, we believe that every winning company shares three common characteristics. First, it has a clear vision that it can communicate with ease to its various constituents, including a customer-focused growth strategy that its employees understand and embrace. Second, it has the processes and disciplines that ensure the effective execution of its strategy. Finally, it has the management capabilities and the outstanding people it needs to implement these tools and facilitate the achievement of its goals. In fiscal 2006, we again demonstrated that Kennametal is a high-performance enterprise with all three of these qualities, as well as the sound financial position and balance sheet it needs to capitalize on new growth opportunities. During this period, we delivered excellent operating performance and financial results, enabling us to post one of the best years in our company’s nearly 70-year history. ADVANCING OUR STRATEGIC TRANSFORMATION We have a highly disciplined strategy at Kennametal that calls for us to drive continuous performance in our core businesses: our solid Metalworking Solutions and Services Group (MSSG) and our rapidly growing, highly profitable Advanced Materials Solutions Group (AMSG). To achieve this goal, we have engaged in transforming Kennametal into an evenly balanced enterprise that is diversified in several ways – through our overall business mix, our global footprint and our customer base. In line with this strategy, we have made significant strides toward achieving parity between MSSG and AMSG. Our long-range goal is to generate 50 percent of our total global sales from each business, while maintaining our leadership position in metalworking. We have also diversified our geographic presence in order to meet the needs of our globally expanding customers, tap into robust growth in developing economies and lessen the effects of cyclicality on our business. Our aim is to broaden our revenue stream so that total annual sales will one day derive in equal thirds from North America, Western Europe and developing markets. Finally, we have diversified the end markets we serve to generate profitable growth and reduce our reliance on any single sector. While our efforts continue, we have made significant progress in achieving all of these objectives, successfully transforming Kennametal into a more balanced and diversified organization with a solid foundation for future growth. KENNAMETAL INC. 2006 ANNUAL REPORT “Kennametal delivered excellent operating performance and financial 03 results in fiscal 2006, enabling us to post one of the best years in our nearly 70-year history.” PAGE During fiscal 2006, we capitalized on our strong foundation, leveraging market opportunities to accelerate our transformation and advance our strategic evolution. Consistent with our strategy, we grew our core MSSG and AMSG business segments, driving increased profitability through new products. These new products, which we introduced over the last five years, represented 46 percent of total sales in fiscal 2006, a new high for Kennametal. Our intense focus on introducing new products drove steady performance in MSSG across all geographic regions and garnered healthy results in AMSG, particularly in terms of tools development for concrete, asphalt, geological formation and mineral applications. We also ramped up the intensity of our portfolio management during the year, taking advantage of the confluence of several factors, including a strong balance sheet, a favorable economic environment and robust market conditions to further shape our business. In doing so, we divested non-core businesses, including our owned distribution business, J&L Industrial Supply. We also deployed some of the proceeds to increase our ownership in affiliates and acquire a business that complements our core enterprise and strengthens our portfolio. In addition to these measures, we demonstrated our commitment to prudent long-term stewardship by seamlessly implementing our succession plan for Chief Executive Officer, while ensuring that the company’s operations did not miss a beat. At the same time, we continued to build the bench strength of our senior team by filling several key positions with internal talent, a ringing endorsement of the confidence that we place in Kennametal’s talent development program and our exceptional people. DELIVERING RECORD FINANCIAL RESULTS Collectively, these activities enabled us to deliver record financial results across several key metrics. Sales from continuing operations increased to more than $2.3 billion, driven by vigorous organic growth. Earnings continued to rise, propelled by organic growth and continued operating excellence. In addition, we once again delivered a strong return on invested capital. These results would be outstanding in any year, but they are particularly satisfying in a year in which we pursued aggressive financial goals and faced significant challenges, including an unprecedented increase in the cost of tungsten, our key raw material. In spite of these hurdles, we successfully delivered on all of our commitments while making major changes in our business portfolio, continuing to grow our presence in Asia and India, opening a new plant in Brazil, and laying the groundwork to open a new facility in China. LEVERAGING OUR STRENGTHS TO DRIVE GROWTH While strict adherence to our focused strategy was key to our performance in fiscal 2006, there are several other factors that underpin our success and define our competitive advantage. First among these is the Kennametal Value Business System (KVBS), a management operating system that forms the foundation for our business. This system, composed of six operating disciplines, guides all of our decisions regarding strategic planning, product development, sales growth, talent development, mergers and acquisitions, and lean enterprise processes. KVBS is widely understood and practiced by our employees, and it provides a “common language” that all employees speak, a valuable asset at a company that spans the globe. We also attribute our success to an intense commitment to fulfilling our top priority: improving our customers’ competitiveness and doing so better than anyone else in our industry. To achieve this goal, KENNAMETAL INC. 2006 ANNUAL REPORT 04 “We demonstrated our commitment to prudent long-term stewardship by seamlessly implementing our succession plan for Chief Executive Officer, PAGE PAGE while ensuring that the company’s operations did not miss a beat.” we leverage longstanding working relationships to join our customers early in their development process. We listen intently to their needs, and we work with them in close collaboration. We then mobilize our world-class technologies to create solutions that increase the productivity of their processes, improve their profitability and help them to engineer their competitive edge. By bringing our groundbreaking technologies and best practices to customers wherever they may be in the world, we enhance our value proposition and make Kennametal the technology partner of choice. Perhaps the most important factor in our success is our team-oriented, performance-driven corporate culture, which fosters strong values, ethics and accountability among our employees. We have a high- quality team that is committed to our business and dedicated to doing what’s best for our customers and shareowners. During fiscal 2006, we rewarded the loyalty of this team by making significant investments in professional development programs aimed at driving the growth of our employees’ careers and increasing their opportunities for success.
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